Business
Milestone Refinancing Completed
Milestone Refinancing Completed.
About this update from Ig Design Group Plc
[{"type":"text","content":"\n \nRNS Number : 4359A International Greetings PLC 07 June 2016 \n\n07 June 2016\n \n \nInternational Greetings PLC (\"IG\" or \"the Group\") \n\nMilestone Refinancing Completed\n \nInternational Greetings Plc, one of the world's leading designers, innovators and manufacturers, of gift packaging and greetings, social expression giftware, stationery and creative play products, is pleased to announce the completion of a global debt refinancing suite of facilities for up to £110 million, with effect from 6 June 2016.\n \nHSBC, who were already the Group's most material banking relationship, has agreed to fund all of IG's core and seasonal working capital requirements for its wholly owned businesses worldwide, replacing other incumbent funders. The core financing matures in three years but is capable of extension for a further two years. The new debt facilities replace substantively all previous debt facilities used by the Group other than those of the Group's Joint Venture in Australia which continue to operate separately.\n \nCommenting on the refinancing, Anthony Lawrinson, Group CFO, said:\n \n\"Our new banking arrangements are not only on improved commercial terms, but also provide us with greater flexibility, freedom to act and the ability to fund our businesses in a simpler and more cohesive way. I am pleased and proud that HSBC is prepared to underpin our continued growth and development with such a significant statement of support.''\n \n- Ends -\n \nFor further information, please contact:\n \nInternational Greetings plc Tel: 0152 588 7310\nPaul Fineman, Chief Executive\nAnthony Lawrinson, Chief Financial Officer\n \nCenkos Securities plc Tel: 0207 397 8900\nBobbie Hilliam\n \nRedleaf Communications &nb...